Boost in demand for luxury homes

The luxury new homes market has seen a 21 per cent increase in property searches where the sale price is over £500,000, when compared to the same period last year, reports SmartNewHomes.
SmartNewHomes reports that an increasing number of buyers are finding that luxury homes are not out of reach.  Home owners who have remained financially secure during the economic downturn are seeing the benefit of low interest rates, which has allowed them to make overpayments on their mortgage, in turn giving their equity a boost.
The increased equity puts them in a strong position to move up the housing ladder and into a luxury home, albeit the shortage of new developments of luxury homes could lead to an increase in price over the longer term.
Director at SmartNewHomes, Steven Lees, comments:
"Developers are building high end homes in small numbers in areas where there is proven strong demand, which is generating strong competition from buyers and underpinning price growth. Luxury homes in desirable locations are increasingly sought after by buyers with greater spending power who have confidence in the market.”
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